"Our price target is based on two things: It's a model of earnings and a model of the multiple," she said. "The multiple, obviously, has been tremendously difficult to predict because of the evolution of Fed policy over the last several years. The earnings numbers are actually tracking about as we expected."

Adams held a 1,390 price target in the S&P 500 for the end of 2013. It traded at 1,671 at 1 p.m. ET.

"You can underestimate on the upside. We're probably overestimating on the down side," she said. "It's the nature of the equity markets to overreact in both directions. I think the mantra, 'Don't fight the Fed,' works both ways. You don't fight the Fed on the way up, but you also don't fight the Fed on the way down."

Trader disclosure: On May 21, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS ; Joe Terranova is long SJM; Joe Terranova is long SPLK; Joe Terranova is long LNKD; Joe Terranova is long TBT; Joe Terranova is long SWN; Stephen Weiss has nothing to disclose; Josh Brown has nothing to disclose.